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ADB to provide $410 million package for Barrick-run Pakistan mine, sources say

ADB to provide $410 million package for Barrick-run Pakistan mine, sources say
he hills near the proposed site of the Reko Diq copper mine in Pakistan's province of Baluchistan are seen in this undated 2010 photo. (REUTERS/File)
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Updated 21 August 2025

ADB to provide $410 million package for Barrick-run Pakistan mine, sources say

ADB to provide $410 million package for Barrick-run Pakistan mine, sources say
  • Reko Diq mine is expected to produce copper, gold from 2028 and generate about $70 billion in free cash flow over its lifespan
  • Financing composed of two loans totaling $300 million to Barrick, a $110 million financing guarantee for Pakistan’s government

ISLAMABAD: The Asian Development Bank will provide a $410 million financing package to help develop Pakistan’s Reko Diq copper mine, one of the world’s largest untapped deposits, which will be operated by Barrick Gold, two sources told Reuters on Thursday.

Islamabad hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted interest from the Trump administration and offered future concessions to US companies.

The loans and a financing guarantee will support development of Reko Diq, which is expected to produce copper and gold from 2028 and generate about $70 billion in free cash flow over its lifespan.

The financing is composed of two loans totaling $300 million to Barrick and a $110 million financing guarantee for the government of Pakistan, both sources said ahead of the official announcement.

The $6.6 billion project in Balochistan is 50 percent owned by Barrick, with the other half held by the federal and provincial governments.

ADB, the petroleum ministry and Barrick did not immediately respond to requests for comment.

The project aims to raise upwards of $2 billion and has a previous agreement for $700 million in financing from the International Finance Corporation, the World Bank’s private investment arm.

The project’s developers are in talks with other prospective financiers, including the US Export-Import Bank, Export Development Canada and Japan’s JBIC and expect to sign term sheets this quarter, project director Tim Cribb told Reuters in April.

Reko Diq, delayed for years by a legal dispute that was settled in 2022, will produce 200,000 metric tons of copper annually in its first phase, rising to 400,000 tons after an expansion.

Barrick says the mine could operate beyond its 37-year life through upgrades and further exploration.


Pakistan says inflation likely to remain within 4-5% range in August

Pakistan says inflation likely to remain within 4-5% range in August
Updated 28 August 2025

Pakistan says inflation likely to remain within 4-5% range in August

Pakistan says inflation likely to remain within 4-5% range in August
  • Finance Division warns flood-related damages may add to fiscal pressures, disrupt food supplies
  • Stronger demand from trading partners, trade deal with US to boost exports, says Finance Division

ISLAMABAD: Pakistan’s Finance Division said in its monthly economic outlook on Thursday that inflation for August is expected to remain within the 4-5% range, warning that flood-related damages may add fiscal pressures and disrupt food supplies.

Pakistan’s Consumer Price (CPI) inflation was recorded at 4.1% year-on-year (YoY) in July 2025, compared to 3.2% in June 2025 and 11.1% in July 2024. Pakistan’s economy has shown signs of stabilization in recent months after securing a $7 billion International Monetary Fund (IMF) bailout program in September 2024.

The Finance Division noted that the country’s economy entered FY26 with stable macroeconomic conditions and improved growth prospects, supported by a stronger external and fiscal position.

“However, flood-related damages may add fiscal pressures and disrupt food supplies in affected areas,” the report said. “Inflation is projected to remain within the range of 4-5% in August 2025.”

Devastating floods in Pakistan’s eastern Punjab province killed 17 people this week and inundated over 1,600 villages in the eastern province. Pakistani authorities were forced to evacuate over a million people to safer locations, as the country’s central disaster management authority warned that downstream floods are expected to cause destruction in southern Pakistan.

The report said a “favorable” global environment, stronger demand from trading partners, and Pakistan’s recent trade deal with the US are expected to boost exports.

The outlook said the government’s measures to facilitate investment, along with reforms to support private sector-led growth, easing inflation, and an “accommodative” monetary policy can help reinforce investors’ confidence.


Pakistan announce squad for AFC U23 Asian Cup 2026 Ƶ qualifiers

Pakistan announce squad for AFC U23 Asian Cup 2026 Ƶ qualifiers
Updated 28 August 2025

Pakistan announce squad for AFC U23 Asian Cup 2026 Ƶ qualifiers

Pakistan announce squad for AFC U23 Asian Cup 2026 Ƶ qualifiers
  • Pakistan Football Federation says squad features “mix of talented players” ready to compete internationally
  • Pakistan will play first qualifier match against Iraq on Sept. 3 before meeting hosts Cambodia on Sept. 6

ISLAMABAD: The Pakistan Football Federation (PFF) announced on Thursday its squad for the qualifiers of the AFC Under-23 Asian Cup 2026 Ƶ, saying its footballers were ready to compete at the international level.

While the AFC U23 Asian Cup 2026 will be held in Ƶ, the qualifier matches for Pakistan’s Group G teams will be held in Cambodia. The qualifiers will feature 44 sides each drawn into 11 groups, which will be contested from Sept. 1-9.

“Under the guidance of Head Coach Nolberto Solano, the squad features a mix of talented players ready to compete at the international level,” the PFF said in a press release.

The 23-member squad features Adam Najeeb, Hassan Ali and Umair Arooj as Pakistan’s goalkeeper prospects. Mckeal Abdullah, Umair Bahader, Furqan Umer, Ali Raza, Suleman Ali, Adeel Younas and have been included among the forward.

Tufail Khan, Hayyaan Khattak, Muhammad Junaid, Ali Zafar and Adnan Justin have been included as midfielders. Haseeb Khan, Mohib Ullah, Muhammad Adeel, Ans Amin, Muhammad Haroon, Hamza Munir, Ahmed Salman, Junaid Shah and Abdul Rehman have been included as defenders in the team.

Pakistan’s training camp has been set up at the Jinnah Sports Complex in Islamabad, which the PFF said would continue for a few more days.

Pakistan will play their first match against Iraq on Sept. 3, followed by their second one against hosts Cambodia on Sept. 6. The Green Shirts play their final group stage match against Oman on Sept. 9.


Pakistan hands over command of multi-nation naval task force to Brazil

Pakistan hands over command of multi-nation naval task force to Brazil
Updated 28 August 2025

Pakistan hands over command of multi-nation naval task force to Brazil

Pakistan hands over command of multi-nation naval task force to Brazil
  • Pakistan took over command of the Combined Task Force-151 in January this year
  • CTF-151 shares information with member states, counters piracy, other menaces at sea

KARACHI: Pakistan Navy announced on Thursday it has handed over command of the multi-nation Combined Task Force 151 (CTF-151) to Brazil, saying it had forged close partnerships with several countries while heading it.

CTF-151 is one of five task forces operated by Combined Maritime Forces (CMF), one of the largest multinational naval partnerships across the world. CTF 151’s mission is to take actions within its area of operations, to directly suppress piracy outside territorial waters of the coastal states, and to gather and share information.

Pakistan Navy said since assuming command in January 2025, it has led CTF-151 missions, built and maintained close partnerships with regional and international navies, especially the European Union Naval Forces’ Operation ATALANTA.

“Pakistan Navy has successfully relinquished command of Combined Task Force 151,” the navy’s media wing said in a statement, adding that the ceremony took place in Bahrain at the CTF-51 headquarters.

“Commodore Sohail Ahmad Azmie of Pakistan Navy handed over the Command to Rear Admiral Marcelo Lancellotti of Brazilian Navy.”

Pakistan Navy said the hallmark of the task force’s tenure under Pakistan’s leadership was the professional conduct of the focused “Operation Sea Spirit,” where the CTF-151 marshalled 13 CMF partner nations and naval assets from six countries, and eight Regional Coordination Centers.

“Expressing his thoughts on his tenure as Commander CTF 151, Cdre Sohail Ahmad Azmie thanked his staff and international partners especially Republic of Korea and Japan for their consistent commitment,” the navy said.

Lancellotti thanked Pakistan Navy and vowed to strengthen cooperation, ensure the safety of maritime commons.

The ceremony was attended by various dignitaries, including ambassadors from Pakistan, Japan and Brazil, as well as the deputy head of mission from Korea.


Kabul says Pakistan drone strikes kill three in border region, no comment from Islamabad

Kabul says Pakistan drone strikes kill three in border region, no comment from Islamabad
Updated 28 August 2025

Kabul says Pakistan drone strikes kill three in border region, no comment from Islamabad

Kabul says Pakistan drone strikes kill three in border region, no comment from Islamabad
  • Three children killed, several injured in strikes on home in Afghanistan’s Khost province, government says
  • Last year, Kabul said at least 46 were killed when Pakistani military aircraft struck Paktika province 

KABUL: Afghan officials said Pakistani drones struck homes in Nangarhar and Khost provinces late on Wednesday, killing three people and wounding seven, prompting the Taliban government to summon Pakistan’s ambassador in Kabul on Thursday in protest.

Last year, Kabul said bombardment by Pakistani military aircraft in Afghanistan’s eastern Paktika province had killed at least 46 people. Islamabad has never confirmed or denied the strikes. 

In Khost’s Spera district, a southeastern border region adjacent to Pakistan’s North Waziristan, three children were killed and several others wounded when drones hit the home of Hajji Naeem Khan late on Wednesday, the province’s media chief said.

In Nangarhar’s Shinwar district, near Afghanistan’s eastern border with Pakistan, a spokesman said four sons and two wives of a man named Shahsawar were among those injured when his house was destroyed.

Pakistan’s foreign ministry and Pakistan’s military media wing did not immediately respond to a Reuters request for comment.

Relations between Pakistan and Afghanistan have been strained in recent years, with Islamabad accusing militants sheltering across the border of staging attacks inside Pakistan, while Kabul denies giving safe haven.

The strikes in Nangarhar and Khost provinces came barely a week after Pakistan’s Foreign Minister Ishaq Dar joined his Chinese and Afghan counterparts in Kabul for a trilateral dialogue at which the three countries pledged to step up counter-terrorism cooperation, expand trade and extend the China–Pakistan Economic Corridor to Afghanistan.

The Taliban foreign ministry said in a statement that it “strongly condemns the violation of Afghanistan’s airspace and the bombing of civilians … such irresponsible actions will inevitably have consequences.”
It said Pakistan’s ambassador, Ubaid-ur-Rehman Nizamani, was handed a protest note during the meeting in Kabul.

Nizamani survived an attack on Pakistan’s embassy compound in Kabul in 2022 but has remained Islamabad’s top envoy despite repeated strains in ties.


Pakistan’s Sindh says ‘well prepared’ as NDMA warns of downstream floods

Pakistan’s Sindh says ‘well prepared’ as NDMA warns of downstream floods
Updated 28 August 2025

Pakistan’s Sindh says ‘well prepared’ as NDMA warns of downstream floods

Pakistan’s Sindh says ‘well prepared’ as NDMA warns of downstream floods
  • Pakistan’s disaster management authority has warned Sindh of looming floods from upstream, swollen rivers in Punjab
  • Sindh Chief Minister says government has reconstructed headworks, strengthened embankments after deadly 2022 floods

KARACHI/ISLAMABAD: Sindh Chief Minister Syed Murad Ali Shah said on Thursday his government is “well prepared” to tackle the looming threat of downstream floods from Punjab, saying officials were monitoring the River Indus and its embankments while climate activists and residents expressed fear.

Pakistan’s National Disaster Management Authority (NDMA) has warned that rising water levels in Chenab, Ravi and Sutlej rivers were carrying exceptionally high flows and were likely to course downstream into Sindh.

Torrential rains and excess water released by India have caused devastating floods in Punjab, where 17 people have been killed this week and over 1,600 villages have been submerged with water. Pakistan’s Meteorological Department has warned that Sindh is likely to receive heavy downpours on Aug. 30 and 31 in Tharparkar, Umerkot, Sukkur, Larkana, Jacobabad and Dadu districts.

“The government is well prepared to face the situation we are anticipating,” Shah told Arab News.

Members of Rescue 1122 evacuate residents from a flooded area following monsoon rains and rising water levels in Qadirabad village near the Chenab River in Punjab province, Pakistan on August 28, 2025. (REUTERS)

He added that the provincial irrigation department is closely monitoring River Indus and its embankments at the Guddu, Sukkur and Kotri barrages.

Shah said his government has activated its emergency response mechanism to counter the looming threat of floods. He said the provincial government had reconstructed headworks and strengthened embankments after the cataclysmic floods of 2022, with several projects still ongoing.

The provincial government has also constructed eco-friendly homes for people affected by the 2022 floods in Sindh under the Peoples Housing Project initiative, the chief minister said.

“This time under the Peoples Housing Project, we have constructed houses damaged during the flood of 2022 in elevated areas,” Shah said.

Shah said relief measures taken by the province included officials stocking relief goods such as tents and mosquito nets. He said the government will also seek cooperation from the Pakistan Navy to evacuate people if necessary.

The Indus River passes through most of Sindh’s districts, leaving them vulnerable to floods when upstream rivers swell. Pakistan’s 2022 monsoon floods, the worst in its history, submerged a third of the country, killed more than 1,700 people and displaced 33 million.

Sindh bore the brunt of the calamity with 1,093 deaths, 1.8 million homes destroyed and the loss of 4.4 million acres of crops. Over a decade earlier in 2011, more than 430 people were killed as over 17 districts were flooded with water. A year before that in 2010, large areas of Pakistan and Sindh were inundated by “super-floods,” resulting in the displacement of millions.

‘SUBMERGED FOR SEVERAL MONTHS’

Sindh-based writer Manzoor Solangi, who has extensively written in newspapers on the province’s previous floods, recalled the 2010 calamity that also damaged his house. He said it was one of the five largest floods recorded worldwide since 1887, adding that nearly one million cusecs of water flowed downstream into the province.

Solangi remembered how his home district of Naushahro Feroze received an unprecedented 1,763 millimeters of rainfall in 2022.

“There are fears the flow this time could exceed 1.2 million cusecs, a level beyond the capacity of the flow of Sindh’s all three barrages, Guddu, Sukkur and Kotri,” Solangi warned.

He noted that authorities may be forced to create breaches in flood protection dikes, which could result in large-scale flooding in Sindh’s settled areas.”

Climate activists agree.

“Climate change is a reality — a harsh reality we have to deal with,” Shahzeb Shah Jillani, a Khairpur-based climate activist, told Arab News.

“Vulnerable dikes and embankments must be reinforced, disposal systems functional, and health services ready for the outbreak of diseases that we witnessed in 2022.”

‘REMAIN VIGILANT’

Senior NDMA official Dr. Tayyab Shah told Arab News that Pakistan was expecting another heavy spell of rains in its northern parts which would increase the flow of rivers in the country.

“I would strongly emphasize that this situation would start becoming more imminent in the southern part of Pakistan,” Dr. Shah said at the National Emergency Response Center in Islamabad.

“Because the flood is now moving toward the southern region of Pakistan.”

This aerial photograph shows partially submerged houses in the flood-affected area of Haqu Wala village in Pakistan's Kasur district on August 24, 2025. (AFP)

Pointing to an area of the NDMA’s response center where large LEDs depicting weather patterns across the country could be seen, Dr. Shah said this was where the disaster management authority generates early warnings before any imminent threat.

“In the month of June, we provided the first early warning that this year Pakistan would have a substantial, heavier downpour in the northeastern regions of Pakistan,” the NDMA official said.

He said people living in southern Punjab’s Mandi Bahauddin, Jhang, Sargodha, Chiniot, Bahawalpur, Bahawalnagar and Rajanpur cities to be wary of the floods.

In Sindh, he warned floods may affect people in Ghotki, Kashmore and Sanghar districts.

“All those people who are living near the proximity of the rivers, they should remain vigilant,” the NDMA official said.